Data & Research September 26, 2011

Advisers’ “Dream” SRO

The Self-Regulatory Organization for Independent Investment Advisers (SROIIA) is continuing its mission towards creating an SRO that meets the needs of advisers, and has completed its second round of surveys towards accomplishing this task.  
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SROIIA recently conducted a four-question survey, and received 228 responses:

1. “If you were required to join a SRO, would you prefer FINRA or a new SRO that was created specifically for investment advisers?”

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  • 6% answered “FINRA”
  • 87% answered “New SRO”
  • 7% answered “Don’t Know”

2. “If you firm were required to join a SRO, would you object to joining one that held your firm to a higher fiduciary standard than the standard that would be applied by FINRA?”

  • 7% answered “Yes,” (they would object)
  • 93% answered “No,” (they would not object)

3. “If you firm were required to join a SRO, would you object to joining one that prohibited its members from engaging in principal transactions with clients?”

  • 11% answered “Yes,” (they would object)
  • 89% answered “No,” (they would not object)

4. “If you firm were required to join a SRO, would you object to joining one that prohibited its members from being paid commissions?”

  • 5% answered “Yes,” (they would object)
  • 95% answered “No,” (they would not object)

“These surveys help us get a feel for what IIAs want and their likes and dislikes; thus helping us build our organization into the partnership customizable-approach we are striving to have” says Timothy Collins, Co-CEO.

Products September 26, 2011

Advisers Want More Than a Web Site

A kasina study reaffirms that financial advisers align superior digital capabilities with the likelihood that they will use products offered by asset managers and insurers. 
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kasina’s annual study, “What Advisors Do Online,” found nearly two-thirds of advisers connect their use of products to superior online presences of firms.

One of the major changes in how advisers are adapting to a digital world is their use of mobile devices, kasina found. “Only 9.4% of advisers were likely to access adviser sites using mobile devices in 2010,” says Lee Kowarski, co-founder and principal of kasina. “But in 2011, 40.6% of advisers access adviser sites of asset managers and 21.5% of advisers are using mobile apps developed by asset managers.” However, only 54% of asset managers and insurers have a mobile strategy for financial advisers.

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“Expectations for a firm’s digital footprint have expanded beyond the Web site and e-mail to include key features of social networking and mobile access,” says Kowarski. “Busy advisers spend an average 5 hours a day online. Firms need to ensure that the time spent on their sites, apps, and e-mails is rewarding and productive.”

The study examines advisers’ digital preferences and behaviors for Web sites, email, social networks, and mobile devices and is based on results from kasina’s FA Vision survey research conducted in July 2011 in partnership with Horsesmouth, an online community of financial advisers. Findings are based on responses from 565 U.S. financial advisers representing 135 firms.

For more information about the report, visit www.kasina.com/reports.

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